- With the launch of the Public Now Pay Later, Public is the first omni-retailer to offer Klarna’s Pay in 3 service in Greece
- To cement this partnership, Public Group makes a strategic investment in Klarna
- Since its launch, the Public Now Pay Later service is growing in preference by Public customers, allowing them to split online purchases into 3 monthly payments, with no interest, using their regular debit card.
Public Group, one of the largest retail and ecommerce groups in Greece and Cyprus, is the first to bring to the Greek market Klarna’s Pay in 3 service empowering online customers with the flexibility to pay in interest-free installments. Cementing its partnership with the leading global fintech, Public Group also joined Klarna’s recently announced $800m financing round as a strategic investor.
The investment, completed by the Group’s venture capital arm Public Capital Partners, is proof of its focus on tech platforms that bring to consumers innovative services and new ways to enjoy online shopping. Public Capital Partners is looking into global partners with local interest, such as Klarna, to expand the Group’s innovation ecosystem and deliver a unique omnichannel retail experience.
“Our vision is to evolve retail and shape an entirely new customer experience by bringing together innovative platforms and services to complement the omnichannel shopping journey. Klarna’s flexible payment services and powerful marketing tools fit into this vision perfectly. As both retail partners and investors of Klarna, we can maximize our synergistic value and stay ahead of the market long-term, while offering a true omni-channel experience to our customers in Greece. The results are very promising: after the first three months of offering Klarna to our customers, we are already seeing increasing conversion, demonstrating the appetite for flexible payment options at the checkout. In fact, 1 out of 5 customers on public.gr that usually like to buy via debit or credit, now prefer to pay with Klarna,” said Robby Bourlas, CEO of Public Group.
Consumers who choose Klarna at checkout are able to split their purchases into three interest-free payments, paid every 30 days from the time of purchase. This way, consumers can spread the cost of their purchases evenly and receive the product before they pay the full amount. The monthly payments are simply charged to the consumer’s regular debit card.
“Greek shoppers want to see and feel their online purchases before paying for them, but they are traditionally averse to credit cards due to extortionate interest rates and hidden fees. So, the majority has to resort to cash on delivery payments, which are clunky and costly for both consumers and retailers,” said Sebastian Siemiatkowski, CEO and co-founder of Klarna. “With Klarna’s interest-free Pay in 3 service, we provide Greek shoppers with a sustainable and convenient alternative that gives them confidence and flexibility at the checkout”
Public was the first Greek retailer to partner with Klarna with the launch of “Public Now Pay Later” earlier in June. Trends on public.gr show that customers increasingly opt for the new service, powered by Klarna, particularly when buying technology products, such as wearables, e-scooters, mobile phones and TVs. Home appliances are also a popular category, with over 15% of the purchases completed via the “Public Now Pay Later” option.
“With Public as our strategic partner – the largest and most prolific online omnichannel retailer in the region – we have truly hit the ground running in Greece. Now, we aim to carry this momentum forward into the holiday season and beyond with our fast-growing network of partners. Our sights are firmly set on becoming the number one growth engine for Greek retailers by helping them adapt to new consumer demands and reach new audiences across the world,” said Elias Pitsavos, Head of Greece, Klarna.